Titlebook: Value and Capital: Fifty Years Later; Proceedings of a Con Lionel W. McKenzie,Stefano Zamagni Conference proceedings 1991 International Eco

fluoroscopy

积习难改

Certainty Equivalence and Inequivalence for Pricesied his expected-utility theory to explaining the de mand for marine insurance—the problem, of course, being to explain positive demand for a risk with negative expected value. Bernoulli saw clearly that both the . evidence of the St Petersburg paradox and the real-world purchase of insurance were s

发怨言

Commentch clearly states why Sir John thought it necessary to introduce a discussion of stability in a general equilibrium framework: ‘Nevertheless, in spite of these merits … it is clear that many economists have felt, in the end, a certain sterility in his approach’ (p. 60) and goes on to add that the re

Mere仅仅

Time Preference and an Extension of the Fisher-Hicksian Equationous consumption streams are inter- temporally compared. The analysis will be presented within the framework of the Fisherian theory of time preference, as originally introduced in Fisher (1907). In our analysis, however, the marginal rate of substitution and related concepts are defined with respect

Herpetologist

Commentious consumption streams are intertempor- ally compared. The second part deals with a problem in optimal growth theory. My remarks concern only the first part. Optimal growth theory has been discussed extensively in the literature in the 1960s; I will not reopen this discussion here.

典型

MEEK

Commentas of economic theory. First, it has thrown up math ematical problems so delicate that they have forced economists for the first time to abandon that old war-horse—Brouwer’s fixed point theorem—and to invent (or borrow from mathematics) a new methodology for constructing existence proofs for general

Antimicrobial

Under-investment and the Demand for Liquid Assetsprisingly contemporary in its general outlook. The problems it poses have by no means been ‘cleared up’ by subsequent generations. In this chapter I want to reconsider what Hicks had to say about interest rates and liquidity preference. In more modern terminology, the subject is asset-pricing and th

SAGE

Commentpresent an interpretation of Hicks’s thinking, but to re-examine, in the context of the modern theory of asset-pricing, some of the problems raised in Part III of .. However, Gale points out from the start that, while Hicks’s analysis has been generally viewed as a theory of the term structure of in

ENACT

Incomplete Market Clearing about our fundamental ideas concerns the extent of market clearing. My function in this confer ence is to open our discussion on this issue, hence mainly to identify the problems and hopefully help to a better recognition of the roles that various theories on the operation of the market system can